Who Participates in the Closing Process?

There are many participants in a sale transaction, each having a very specific and purposeful role in the transaction. Below we have outlined some of the participants and their roles in a sale transaction.

The Buyer(s)

  • Tenders a written offer to purchase (or accepts the Seller’s counter-offer) accompanied by a good faith deposit amount.
  • Applies for a new loan, completing all required forms and often prepaying certain fees such as credit report and appraisal costs.
  • Approves and signs the escrow instructions and other related instruments required to complete the transaction.
  • Approves and signs new loan documents and fulfills any remaining conditions contained in the contract, lender’s instructions
    and/or the escrow instructions.
  • Deposits funds necessary to close the escrow. Approves any changes by signing amendments in the escrow instructions.
  • Determines which hazard (fire) insurance agent to use to satisfy requirements to the lender.

The Seller(s)

  • Accepts Buyer’s Offer to Purchase and initial good faith deposit to open escrow.
  • Submits documents and information to escrow holder, such as: addresses of lien holders, tax receipts, equipment warranties,
    home warranty contracts, any leases and/or rental agreements.
  • Approves and signs the escrow instructions, grant deed and other related documents required to complete the transaction.
  • Orders inspections, receives clearances and approves final reports and/or repairs to the property as required by the terms of
    the purchase and sale agreement (Deposit Receipt).
  • Fulfills any remaining conditions specified in the contract and/or escrow instructions; approves the pay off demands and / or
    beneficiary’s statements.
  • Approves any final changes by signing amendments to the escrow instructions or contract.

The Lender (When Applicable)

  • Accepts the new loan application and other related documents from the Buyer(s) and begins the qualification process.
  • Orders and reviews the property appraisal, credit report, verification of employment, verification of deposit(s), preliminary
    report and other related information.
  • Submits the entire package to the loan committee and/or underwriters for approval.
  • When approved, loan conditions and title insurance requirements are established.
  • Informs Buyer(s) of loan approval terms, commitment expiration date and provides a good faith estimate of the closing costs.
  • Sends Buyer(s) the required closing disclosure in advance of closing.
  • Deposits the new loan documents and instructions with the escrow holder for Buyer’s approval and signature.
  • Reviews and approves the executed loan package and coordinates the loan funding with the escrow officer.

The Escrow Officer

  • Receives an order for escrow and title services. Orders the preliminary report on the subject property.
  • Acts as the impartial “stakeholder” or depository, in a fiduciary capacity.
  • Prepares the escrow instructions and required documents in accordance with terms of the sale.
  • With authorization from the real estate agent or principal, orders demands on existing deeds of trust and liens or judgements.
  • Presents the documents, statements, loan package(s), estimated closing statements and other related documents to the
    principal(s) for approval and signature.
  • Receives the proceeds of the loan(s) from the lender(s).
  • Records the deed, deed of trust and other documents required to complete the transaction with the County Recorder.
  • Orders the title insurance policies.
  • Closes the escrow by preparing the final settlement statements, disbursing the proceeds to the Seller, paying off the existing
    encumbrances and other obligations.

Fidelity National Title

  • Receives an order for title service.
  • Examines the public records affected and issues a preliminary report.
  • Determines the requirements and documents to complete the transaction and advises the officer and/or agents.
  • Reviews and approves the signed documents, and the order for title insurance, prior to the date.
  • When authorized by the escrow officer, records signed documents with the County Recorder and issues the title insurance



Fidelity National Title Insurance Company makes no express or implied warranty with respect to the information contained herein and accepts no liability for the consequences of any actions taken on the basis of said information.

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